Lehman Brothers Disclosure Statement Approved

On Aug. 30, 2011, the United States Bankruptcy Court for the Southern District of New York approved the disclosure statement with respect to the revised second amended joint Chapter 11 plan of Lehman Brothers Holdings Inc. and its affiliated debtors (the “Debtors”). The order approving the Debtors’ disclosure statement and establishing certain procedures related to the hearing to consider confirmation of the plan (the “order”) can be accessed here.

As set forth in the order, the Bankruptcy Court approved the following time line:

Solicitation and Voting

• Voting record date: Aug. 1, 2011.
• Deadline to object to claims to determine whether claimant is entitled to vote: Sept. 16, 2011.
• Debtors to distribute solicitation packages: Sept. 23-30, 2011.
• Voting deadline: Nov. 4, 2011 at 4 p.m. (EST).
• Debtors’ tabulation agent will file a voting certification: Dec. 1, 2011.
• The order also contains procedures and deadlines for establishing the amount, allowance, and classification of claims for voting purposes. Claimants seeking to challenge the proposed amount, allowance, or classification of their claims for voting purposes must do so within 14 days of receiving (i) notice of the confirmation hearing, which will be included in the Debtors’ solicitation package or (ii) notice of an objection to their claims, whichever is later, but in no event later than Oct. 7, 2011.

Chapter 11 Plan and Confirmation

• Deadline to object to confirmation of the plan: Nov. 4, 2011, at 4 p.m. (EST).
• Confirmation hearing will commence Dec. 6, 2011, at 10 a.m. (EST).

Authored by Lawrence V. Gelber, Adam Leon Hirsch and Kyu (Mike) Paek.

The order contains additional details, deadlines, and procedures for soliciting and voting on the Debtors’ plan. Please consult your attorney at Schulte Roth & Zabel LLP if you have any questions.

---

This information has been prepared by Schulte Roth & Zabel LLP (“SRZ”) for general informational purposes only. It does not constitute legal advice, and is presented without any representation or warranty as to its accuracy, completeness or timeliness. Transmission or receipt of this information does not create an attorney-client relationship with SRZ. Electronic mail or other communications with SRZ cannot be guaranteed to be confidential and will not (without SRZ agreement) create an attorney-client relationship with SRZ. Parties seeking advice should consult with legal counsel familiar with their particular circumstances. The contents of these materials may constitute attorney advertising under the regulations of various jurisdictions.